Castle Biosciences (NASDAQ:CSTL) Shares Down 4.2%

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price fell 4.2% during mid-day trading on Thursday . The stock traded as low as $26.60 and last traded at $26.67. 128,042 shares were traded during mid-day trading, a decline of 57% from the average session volume of 299,654 shares. The stock had previously closed at $27.85.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CSTL. Stephens reissued an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Robert W. Baird boosted their price target on shares of Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences presently has an average rating of “Buy” and an average price target of $32.80.

Castle Biosciences Stock Up 7.4 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 9.25 and a quick ratio of 9.02. The stock has a market cap of $816.34 million, a price-to-earnings ratio of -25.71 and a beta of 0.93. The firm has a 50 day simple moving average of $22.52 and a two-hundred day simple moving average of $22.39.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.47. The business had revenue of $87.00 million for the quarter, compared to the consensus estimate of $69.95 million. Castle Biosciences had a negative net margin of 12.28% and a negative return on equity of 7.91%. During the same period last year, the company posted ($0.70) EPS. As a group, sell-side analysts expect that Castle Biosciences, Inc. will post -1.66 EPS for the current year.

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 2,368 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $23.40, for a total value of $55,411.20. Following the completion of the sale, the insider now owns 57,893 shares in the company, valued at approximately $1,354,696.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Derek J. Maetzold sold 2,368 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $23.40, for a total transaction of $55,411.20. Following the completion of the sale, the insider now directly owns 57,893 shares of the company’s stock, valued at approximately $1,354,696.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Kristen M. Oelschlager sold 12,989 shares of Castle Biosciences stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $23.06, for a total transaction of $299,526.34. Following the completion of the transaction, the chief operating officer now directly owns 132,836 shares in the company, valued at approximately $3,063,198.16. The disclosure for this sale can be found here. Insiders have sold a total of 36,033 shares of company stock valued at $883,633 over the last three months. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Castle Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Truist Financial Corp lifted its holdings in shares of Castle Biosciences by 20.5% in the second quarter. Truist Financial Corp now owns 14,217 shares of the company’s stock valued at $310,000 after purchasing an additional 2,420 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Castle Biosciences in the 2nd quarter valued at approximately $1,171,000. The Manufacturers Life Insurance Company lifted its stake in Castle Biosciences by 7.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after acquiring an additional 675 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in Castle Biosciences by 13.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 92,475 shares of the company’s stock worth $2,013,000 after acquiring an additional 10,731 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Castle Biosciences by 116.5% during the 2nd quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after acquiring an additional 114,104 shares in the last quarter. 92.60% of the stock is owned by institutional investors and hedge funds.

About Castle Biosciences

Castle Biosciences, Inc, a molecular diagnostics company, provides testing solutions for the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, uveal melanoma, and mental health conditions. It offers DecisionDx-Melanoma, a risk stratification gene expression profile (GEP) test to identify the risk of metastasis for patients diagnosed with invasive cutaneous melanoma; DecisionDx-SCC, a proprietary risk stratification GEP test for patients with cutaneous squamous cell carcinoma; MyPath Melanoma, a test used for patients with difficult-to-diagnose melanocytic lesions; and TissueCypher, a spatial omics test to predict future development of high-grade dysplasia and/or esophageal cancer in patients with non-dysplastic, indefinite dysplasia, or low-grade dysplasia Barrett's esophagus.